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House Journal: Page 1723: Monday, April 24, 2000

SENATE AMENDMENT CONSIDERED

Jenkins of Black Hawk called up for consideration House File
2540, a bill for an act relating to economic development programs and
related tax credits and including effective and retroactive applica-
bility date provisions, amended by the Senate, and moved that the
House concur in the following Senate amendment H-9042:

H-9042

1 Amend House File 2540, as amended, passed, and
2 reprinted by the House, as follows:
3 1. By striking page 1, line 1, through page 2,
4 line 7 and inserting the following:
5 "Section 1. Section 15.333, subsection 1, Code
6 Supplement 1999, is amended to read as follows:
7 1. An eligible business may claim a corporate tax
8 credit up to a maximum of ten percent of the new
9 investment which is directly related to new jobs
10 created by the location or expansion of an eligible
11 business under the program. Any credit in excess of
12 the tax liability for the tax year may be credited to
13 the tax liability for the following seven years or
14 until depleted, whichever occurs earlier. Subject to
15 prior approval by the department of economic
16 development in consultation with the department of
17 revenue and finance, an eligible business whose
18 project primarily involves the production of value-
19 added agricultural products may elect to refund all or
20 a portion of an unused tax credit. The refund may be
21 used against a tax liability imposed under chapter
22 422, division II, III, or V. If the business is a
23 partnership, subchapter S corporation, limited
24 liability company, or estate or trust electing to have
25 the income taxed directly to the individual, an
26 individual may claim the tax credit allowed. The
27 amount claimed by the individual shall be based upon
28 the pro rata share of the individual's earnings of the
29 partnership, subchapter S corporation, limited
30 liability company, or estate or trust. For purposes
31 of this section, "new investment directly related to
32 new jobs created by the location or expansion of an
33 eligible business under the program" means the cost of
34 machinery and equipment, as defined in section 427A.1,
35 subsection 1, paragraphs "e" and "j", purchased for
36 use in the operation of the eligible business, the
37 purchase price of which has been depreciated in
38 accordance with generally accepted accounting
39 principles, and the cost of improvements made to real
40 property which is used in the operation of the


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